– Mortgage lender utilizes the detailed reporting capabilities for state compliance-
IRVINE, Calif., Nov. 14, 2016 – Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, announces that Plymouth, Minnesota-based Summit Mortgage Corporation, a national mortgage lender, has used its AMB (Accounting for Mortgage Bankers) solution to simplify the way the organization manages compliance with state trust accounting regulations.
Summit selected AMB as its accounting system in 2003 to facilitate its accounting needs. The mortgage lender is able to produce custom reports via the system in less time than with prior accounting systems.
Summit uses AMB as a recruiting tool for valued branch managers and accounting staff, who express a preference for using AMB. It gives branch managers access to web based reporting tools to help manage their branch.
“AMB helped us create reports that have enabled us to successfully manage compliance in states that have some of the most complex regulatory requirements in the country,” said Kelly Brinkman, Controller at Summit Corporation.
“Over the years, we have developed AMB to meet the specific requirements of various lenders” said Brian Lynch, president of Advantage Systems. “Enabling Summit to remain compliant in its trust accounting is just one example of how we believe AMB has become the industry standard for mortgage accounting practices.”
AMB is a robust accounting system that was specifically designed for mortgage bankers. The solution brings real-time accounting data to both accounting and non-accounting staff in a practical, useable format. Key features include the ability to view loan level data that displays profitability by loan, loan type, loan officer and branch.
About Summit Mortgage Corporation
Founded in 1992, Plymouth, Minnesota-based Summit Mortgage Corporation is a premier national lender. Summit is currently licensed in 14 states and has branches from coast to coast. Summit operates as a privately-owned, direct seller to agencies as well as a correspondent to investors. For more information, visit www.summit-mortgage.com
About Advantage Systems
Founded in 1986, Irvine, California-based Advantage Systems is a provider of accounting and contract management tools for the mortgage and real estate industries. Advantage Systems’ Accounting for Mortgage Bankers (AMB) was developed in response to the demand the company saw for a general ledger accounting product specifically designed for the mortgage banking industry. AMB has the ability and reliability to track costs at loan level in real time, eliminating redundant spreadsheets and providing financial data that can be used by CEOs, management and staff who may not be trained as accountants. For more information, visit www.mortgageaccounting.com.